Repayment of your Federal Perkins Loan is based upon the total amount you borrowed. The minimum payment is $40.00/month. There is a maximum 10-year repayment period; therefore, your monthly payments may be higher depending upon the total amount of your loan. For your payment amount, refer to your Student Loan Repayment Schedule. Please note that this schedule may be invalidated by submission of forms requesting deferment or cancellation or by making late payments. You may prepay all or any part of your loan at any time without a penalty. Any overpayment or prepayment is applied to principal only, unless you request otherwise. Any payment made during your grace period or while eligible for a deferment will save you money as no interest is charged.